In commercial real estate brokerage, there will be many changes and pressures on the market during the year. That in turn can create shifts in your focus when it comes to the quality listings and clients requiring service. The only consistent thing that you can control is the momentum within your prospecting model.
The one significant thing that you can do to help build personal market share over time, is to focus on the growth of your market, your listings, and your clients. To do this you need a real focus and a lust for growth.
Consider the following situations:
- Growth matters when it comes to working with the better clients and quality listings. The quality listings will always create higher levels of enquiry from tenants and buyers. That will then allow your database to grow in an effective way.
- A pipeline of opportunity can only be created through regular prospecting. A model of this type will lead to your regular interaction with the decision makers of the market. Constant contact and relevant information will help build your brand as a property expert.
- Clients come and go from the market for their own reasons. Some of your clients today will not be clients in the future. This then says that you need to top up your contact pipeline and database.
- Some property types and market segments are more desirable than others. Make sure that you are working the segments that offer real opportunity and growth. Build your personal brand into those segments through extensive signboard presence, social media, Internet Marketing, and direct canvassing.
- Be open to the variations and the types of business available. There are linkages between commercial and retail property sales, leasing, and property management. If one of your listings can be converted to a property management appointment, you can remain in contact with the client for some ongoing period of time.
In taking all of this into account, you need an expansion plan that can apply to your listing territory. Understand where you are today when it comes to your market share and your competitors. Predict the changes that you believe are evident in the town or city, and then drive your prospecting model into the opportunities that exist. Make plenty of prospecting calls every day to fresh and new people that you have not spoken to before.
As a final note here on an agent’s growth of market share, it should be said that a high quality of service should be provided at all times; it is a personal thing. Any agents and brokers that ‘cut corners’ when it comes to providing service and achieving outcomes, are soon relegated to the bottom of the industry. The clients and customers that we serve require the best agents of the highest level of skills. Integrity and trust are parts of that equation.
When your value to the customer improves, so will the opportunities for listings. Value from an agency and customer perspective can be rated by market knowledge, negotiation skills, documentary knowledge, marketing, and depth of database. If you can rank yourself highly in all of these categories now, then you have a very good chance of winning a lot of new business.